Deandrea Hamilton
Editor
Turks and Caicos, May 23, 3035 – Two groups continue to power the economic engine of the Turks and Caicos Islands (TCI): expatriate workers and tourists. Recent figures shared during this year’s national budget debate shine a spotlight on just how critical these contributors are to the territory’s fiscal strength — and how the country is increasingly funded by people who do not hold citizenship.
From government revenues to private-sector vitality, foreign-born residents and foreign visitors are collectively delivering hundreds of millions to the national economy, affirming their foundational role in the TCI’s long-term prosperity.
EXPATRIATE RESIDENTS: AN ECONOMIC PILLAR
Minister of Home Affairs Hon. Shaun Malcolm confirmed during his budget speech that revenue from immigration-linked services — such as permanent residency certificates (PRCs), driver’s licenses, and vehicle licensing — surpassed expectations and outperformed the previous fiscal year:
- PRC fees: $4.5 million (↑7% over projections)
- Vehicle license fees: $6.5 million (↑5% YoY)
- Driver’s licenses: $1.6 million (↑5% YoY)
- Belonger Status fees: $390,800 (↑180% YoY)
With only 10,000 eligible voters in a population of around 47,000, it is clear that non-citizens — particularly those on work permits or transitioning to permanent residency — are making an outsized financial contribution. Even naturalization, the pathway to full citizenship, lags far behind with just $660,500 collected in fees.
“These are not just government revenues,” one senior official noted, “they represent how embedded and essential the immigrant population is to every aspect of national development.”
TOURISM: THE OTHER POWERHOUSE
Tourism, too, is booming. First quarter 2025 figures show a massive influx of visitors:
- Stayover arrivals: 192,297 (↑2.3% YoY)
- Cruise passengers: 410,107 (↑54% YoY)
- Hotel occupancy: 71%
- Average Daily Rate (ADR): $1,544
These numbers mean more local spending, more tax revenue, and more jobs. The surge in cruise passengers — driven by two ships docking daily in Grand Turk — has given the economy a powerful lift, just as the high-spending stayover market continues to thrive.
ECONOMIC STRENGTH RECOGNIZED GLOBALLY
Premier Hon. Charles Washington Misick presented a budget designed to maintain that momentum, with major capital investments and only modest borrowing:
- $471 million in recurrent spending
- $63.9 million allocated for infrastructure and capital goods
- A projected operating surplus of $9.5 million
And there’s confidence from beyond TCI’s shores as well.
“Mr. Speaker, we are happy to report that despite the uncertainties around the globe, the economic outlook for the Turks and Caicos Islands in 2025 and beyond is positive.”
According to the Premier, TCI’s economy is forecasted to grow by 4.5% in 2025 — a slower pace than previous years but still solid and sustainable.
Even Standard and Poor’s Global Ratings has taken notice, upgrading TCI’s sovereign credit rating for the second year in a row, moving it from BBB+ to A-, with a stable outlook. The ratings agency pointed directly to the strong performance of the tourism sector and the Government’s sound fiscal management as key factors.
A COUNTRY BUILT ON GLOBAL CONNECTIONS
Whether it’s the expat who drives the local economy year-round or the cruise passenger spending big in a single day, TCI’s economic success is not only about its people — but about the people it attracts. And the 2025 Budget reveals a territory that’s not just benefiting from these global connections — it’s depending on them.
